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Puma sees modest second quarter growth

Puma, the sportswear brand owned by French luxury fashion house PPR, reported a 2.5% rise in turnover for the second quarter 2010, driven by the strength of the euro and solid accessories sales.

Puma’s sales for the three-month period to June 30 rose to 615.4m (£514.4m), although sales on a constant currency basis were down 4.8% as a result of late product shipments.

The brand’s sales for the Europe, Middle East and Africa regions fell back 7.2% to 277.6m (£232m).

Puma saw a 5% rise in pre-tax profits to 63.1m (£52.7m).

Footwear sales fell 2.7% to 321.2m (£268.5m), while clothing sales rose 2.3% to 208.6m (£174.4m) and accessories sales rose 28.9% to 85.6m (£71.6m).

Puma said it expects sales to grow in the low to mid single digits for the full year 2010.

Puma chief executive Jochen Zeitz said: “Puma performed according to plan in the second quarter and we are gearing up for solid growth in the second half of the year based on a strong outlook. Given an overall improvement of the global economies as well as our decisive measures taken in the past 18 months to adjust our organisation and processes to the new market realities, we feel ready to re-engage with our long-term expansion plan as of next year.”

Puma’s parent company PPR will report its first-half earnings tomorrow.

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